The seventh edition of Fintech Abu Dhabi welcomed a list of financial tech leaders and visionaries converging from across the globe on Nov. 29. This included those leading innovations in major financial institutions, startups, innovators, entrepreneurs, venture capitalists, scientists and academics..
ADGM’s flagship event, Fintech Abu Dhabi, conducted in partnership with Huawei, kicked off with a debate on the financial crime economy and brought together Abu Dhabi AI institutions to discuss the city’s early commitment to AI.
Participants also delved into the crypto industry. Dr. Alexander Lipton, global head of research and development at ADIA, discussed how social media is reshaping the global banking landscape, while the CEO of Circle outlined strategies for harnessing digital assets to enhance global financial stability.
Other sessions included Decoding a “Skandal” – Inside Wirecard’s Investigation, discussed by Financial Times investigative reporter Dan McCrum and Themis founder and CEO Dickon Johnston, and Finding an Entrepreneurial Mindset with VaynerX Chairman and CEO Gary Vaynerchuk.
Blockchain, AI and Risk & Security saw Blockchain Abu Dhabi and Circle discuss topics such as the quest to design stability for digital money, digital currencies of central banks improving digital asset infrastructure and the overall impact of blockchain and Web3 on the financial industry.
During the event, ADGM unveiled initiatives to redefine regulatory practices. The Financial Services Regulatory Authority (FSRA) outlined its “Regulation as a Service” strategy through its Digital Lab, aimed at co-creating innovative solutions for the licensing and supervision of firms. The FSRA and the National University of Singapore announced plans to develop an AI-powered assessment tool for virtual asset service providers seeking licensing in ADGM.
The FSRA solicited feedback on a discussion paper related to information technology risk management to enhance firms’ operational resilience. Then the FSRA unveiled a collaboration with Coinbase Asset Management and Neoply and referenced a DeFi consultation paper slated for publication in 2024.
“This is no longer an annual event; this is a pivotal marker to test the temperature and tap into the thoughts of global leaders in financial technology,” Linda Fitz-Alan, registrar and chief executive at ADGM Courts said. “The insightful discussions at Fintech Abu Dhabi do not just shape the future of the fintech landscape, but also create its landscape while opening our minds to the endless possibilities for the future of the financial sector.”
Major announcements were made by global companies such as GQG Partners and Offset8, a proprietary asset management firm specializing in the global verified carbon credits (VCC) market. Offset8 received in-principle approval from the Financial Services Regulatory Authority of the ADGM. IOTA, an open public goods infrastructure, announced itself as the first company to be registered under the DLT Foundations Regulations of ADGM. MEVCA and GPCA announced a partnership that will see GPCA establish a permanent presence in the Middle East with the support of MEVCA.
The Global Financial Regulators Summit, a closed-door gathering of key global financial regulatory leaders was conducted parallel to Fintech Abu Dhabi and discussed the role regulators play in shaping the sustainable finance landscape of the future.